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French Fin Min: Happy Strong Euro Offsets Rising Oil Prices

PARIS -(Dow Jones)- The strong euro is helping the French economy at a time when the price of oil has touched $100 per barrel for the first time, French Finance Minister Christine Lagarde said Friday.

"We often complain about the strong euro when it weighs on our exporting companies," she said at a press conference. "I see for once that the strong euro is making our raw materials purchases cheaper."

Lagarde's comments come a day after French Minister for European Affairs Jean-Pierre Jouyet said in an editorial in French newspaper Le Monde that a strong euro protects European consumers' purchasing power.

French President Nicolas Sarkozy's has pledged to focus on defending French people's purchasing power which has been threatened by increases in power utility bills and accelerating food price inflation.

-By Gabriele Parussini, Dow Jones Newswires; +33 1 40 17 1743; gabriele.parussini@dowjones.com

(END) Dow Jones Newswires

January 03, 2008 11:35 ET (16:35 GMT)


Copyright 2008 Dow Jones & Company, Inc.

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